Using tax-free dollars is the smarter way to pay medical expenses
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Dental and Vision Flexible Spending Accounts
Employees save money using pre-tax dollars when employers offerthis limited-purpose health flexible spending account
Here's how:
Employees with a high-deductable health plan can save money if their firm offers a YourFlex limited-purpose health flexible spending account. This can also be used to enhance the benefits of having a Health Savings Account (HSAs).
Those who participate can use pre-tax dollars to pay dental and vision expenses.
• A YourFlex limited-purpose health flexible spending account can be used for dental and vision expenses for the employee as well as a spouse and dependent children.
Employees with a high-deductable health plan can save money if their firm offers a YourFlex limited-purpose health flexible spending account. This can also be used to enhance the benefits of having a Health Savings Account (HSAs).
Those who participate can use pre-tax dollars to pay dental and vision expenses.
This special-use plan cannot cover other types of medical expenses, but it still has many advantages:
• A YourFlex limited-purpose health flexible spending account can be used for dental and vision expenses for the employee as well as a spouse and dependent children.
• Money moved from the paycheck into this YourFlex account is protected from ALL taxes. Employees never have to pay Federal, State or Social Security taxes on these funds. That’s more pay in their pocket.
• Funds are easy to access. Benefit Solutions processes reimbursements quickly. The forms are simple. (If your claim is received before Tuesday, 5 p.m. EST your check will be mailed by Friday or deposited into your bank account by Friday morning.)• If an employee's family will be making a lot of visits to dentists or eye-care specialists, a convenient mySource debit card is available from YourFlex. This special-use MasterCard allows participants to make medical- related payments directly from their YourFlex accounts rather than paying first, then waiting to be reimbursed. The card can also make recordkeeping easier.
• It is easy for employees to track how much tax-free funds available in thier account. This website provides 24/7 access to the account balance and the most recent plan activity. Account statements are also mailed every four months.
How much should a participant put into this type of flex account each year?
The IRS requires the money placed in limited-purpose health flexible spending accounts be used within the year (with an extra three months to turn in receipts). Therefore, if you are under this flex plan, consider:
• When starting, be conservative in how much you deposit. You can adjust the next year. When your account is empty, you’ll simply pay your dental and vision bills with after-tax funds.
• Keep all your receipts. You may need the receipts to verify expense eligibility. They’ll be useful in budgeting for next year.
• Your account status and other details are available 24/7. Questions? Call us at 800-858-9546. We’ll be happy to help. Each year more families are enjoying paying less taxes with YourFlex.
• When starting, be conservative in how much you deposit. You can adjust the next year. When your account is empty, you’ll simply pay your dental and vision bills with after-tax funds.
• Keep all your receipts. You may need the receipts to verify expense eligibility. They’ll be useful in budgeting for next year.
• Your account status and other details are available 24/7. Questions? Call us at 800-858-9546. We’ll be happy to help. Each year more families are enjoying paying less taxes with YourFlex.